Govt cuts petrol and diesel price by Rs 1.50 per liter

Pakistan government has decided to cut the petrol and diesel prices by Rs 1.50 per liter while maintaining the price of kerosene and light diesel on previous level.

The Federal Minister for Finance Ishaq Dar announced new petroleum product prices which would be effective from July 1, 2017.

The price of petrol would be reduced by Rs 1.50 from July 1 and new price would be Rs 71.30 per liter, while diesel price would be slashed by same proportion and new price would be Rs 79.90 per lite.

Oil and Gas Regulatory Authority has proposed a cut of Rs 2.70 per liter for high speed diesel and Rs 3.30 per liter for petrol. According to finance minister the government hasn’t pass the full benefit to the consumers while some amount has been retained.

According to an analyst some of the amount has been retained to boost revenue collection. Price of kerosene and light diesel have been maintained at previous mark of Rs 44 per liter each respectively.